The decade before retirement is a very period. During these ten years, you are at the peak of your earning phase, and you need to make choices that support your savings plans. With a retirement on the horizon, making a bad investment or taking out an unaffordable loan can do detrimental damage to your retirement fund. Here are five things you can do to maintain the health of your golden years account.
- Check your savings plan
The Internet is full of retirement calculators that will tell you how much you should have saved at any point in your career. You can’t fix something you don’t know is broken. Once you check your account plan accordingly. If you check your account and you find that you’re behind in your savings plan, don’t worry. You have the power to save double time with a combination of catch-up contributions and automatic deductions to saving you can recoup any losses and get back on the right track.
- Plan Retirement Dates
There is nothing that says you have to retire on a certain day. Plan your retirement date properly. If you have a spouse, make sure you have a plan for who should retire first and whether it would be advantageous to stagger your retirement dates.
- Continue with your diversified investments
Just because you are in pre-retirement doesn’t mean you can’t continue to grow your money quickly. Don’t shy away from investing in the stock market just because you can’t afford to lose. Continue working with your advisor and consider changing the percentage investment to your stock portfolio if you need, but stock investments are a necessary part of investment growth.
- Manage your Mortgage
If you still have a mortgage make sure that you have made a plan to get it paid off. You don’t want monthly installment payments looming over your head on a fixed income. If you can’t pay it off before the date of your planned retirement, make every effort to allocate extra funds to the mortgage before your retirement and then you will have a smaller payment remaining during your retirement years.
- Continue Networking
Don’t assume you’ll never work again. You should keep all your connections in your career field. Should you choose to supplement your retirement income, your networking connections will make that a simple transition.